Doing business in korea(wb) 2013

Economy Profile:
Korea, Rep.

Doing Business 2013 Korea, Rep. 2

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CONTENTS

Introduction .................................................................................................................................. 4
The business environment .......................................................................................................... 5
Starting a business ..................................................................................................................... 14
Dealing with construction permits ........................................................................................... 23
Getting electricity ....................................................................................................................... 34
Registering property .................................................................................................................. 41
Getting credit .............................................................................................................................. 52
Protecting investors ................................................................................................................... 59
Paying taxes ................................................................................................................................ 68
Trading across borders .............................................................................................................. 76
Enforcing contracts .................................................................................................................... 85
Resolving insolvency .................................................................................................................. 95
Employing workers .................................................................................................................. 101
Data notes ................................................................................................................................. 108
Resources on the Doing Business website ............................................................................ 113


INTRODUCTION
Doing Business sheds light on how easy or difficult it is the paying taxes indicators, which cover the period
for a local entrepreneur to open and run a small to January–December 2011).
medium-size business when complying with relevant
The Doing Business methodology has limitations. Other
regulations. It measures and tracks changes in
areas important to business—such as an economy’s
regulations affecting 11 areas in the life cycle of a
proximity to large markets, the quality of its
business: starting a business, dealing with construction
infrastructure services (other than those related to
permits, getting electricity, registering property,
trading across borders and getting electricity), the
getting credit, protecting investors, paying taxes,
security of property from theft and looting, the
trading across borders, enforcing contracts, resolving
transparency of government procurement,
insolvency and employing workers.
macroeconomic conditions or the underlying strength
In a series of annual reports Doing Business presents of institutions—are not directly studied by Doing
quantitative indicators on business regulations and the Business. The indicators refer to a specific type of
protection of property rights that can be compared business, generally a local limited liability company
across 185 economies, from Afghanistan to Zimbabwe, operating in the largest business city. Because
over time. The data set covers 46 economies in Sub- standard assumptions are used in the data collection,
Saharan Africa, 33 in Latin America and the Caribbean, comparisons and benchmarks are valid across
24 in East Asia and the Pacific, 24 in Eastern Europe economies. The data not only highlight the extent of
and Central Asia, 19 in the Middle East and North obstacles to doing business; they also help identify the
Africa and 8 in South Asia, as well as 31 OECD high- source of those obstacles, supporting policy makers in
income economies. The indicators are used to analyze designing regulatory reform.
economic outcomes and identify what reforms have
More information is available in the full report. Doing
worked, where and why.
Business 2013 presents the indicators, analyzes their
This economy profile presents the Doing Business relationship with economic outcomes and presents
indicators for Korea, Rep.. To allow useful comparison, business regulatory reforms. The data, along with
it also provides data for other selected economies information on ordering Doing Business 2013, are
(comparator economies) for each indicator. The data in available on the Doing Business website at
this report are current as of June 1, 2012 (except for http://www.doingbusiness.org.


THE BUSINESS ENVIRONMENT

For policy makers trying to improve their economy’s
regulatory environment for business, a good place to ECONOMY OVERVIEW
start is to find out how it compares with the regulatory
environment in other economies. Doing Business
provides an aggregate ranking on the ease of doing
Region: OECD high income
business based on indicator sets that measure and
benchmark regulations applying to domestic small to Income category: High income
medium-size businesses through their life cycle.
Economies are ranked from 1 to 185 by the ease of Population: 49,779,000
doing business index. For each economy the index is
calculated as the ranking on the simple average of its GNI per capita (US$): 20,870
percentile rankings on each of the 10 topics included in
the index in Doing Business 2013: starting a business, DB2013 rank: 8
dealing with construction permits, getting electricity,
registering property, getting credit, protecting DB2012 rank: 9*
investors, paying taxes, trading across borders,
Change in rank: 1
enforcing contracts and resolving insolvency. The
ranking on each topic is the simple average of the
percentile rankings on its component indicators (see * DB2012 ranking shown is not last year’s published
the data notes for more details). The employing workers ranking but a comparable ranking for DB2012 that
indicators are not included in this year’s aggregate ease captures the effects of such factors as data
of doing business ranking, but the data are presented corrections and the addition of 2 economies
in this year’s economy profile. (Barbados and Malta) to the sample this year. See
the data notes for sources and definitions.
The aggregate ranking on the ease of doing business
benchmarks each economy’s performance on the
indicators against that of all other economies in the
Doing Business sample (figure 1.1). While this ranking
tells much about the business environment in an
economy, it does not tell the whole story. The ranking on
the ease of doing business, and the underlying
indicators, do not measure all aspects of the business
environment that matter to firms and investors or that
affect the competitiveness of the economy. Still, a high
ranking does mean that the government has created a
regulatory environment conducive to operating a
business.



Figure 1.1 Where economies stand in the global ranking on the ease of doing business

Source: Doing Business database.


For policy makers, knowing where their economy relative to the regional average (figure 1.2). The
stands in the aggregate ranking on the ease of economy’s rankings on the topics included in the
doing business is useful. Also useful is to know how ease of doing business index provide another
it ranks relative to comparator economies and perspective (figure 1.3).

Figure 1.2 How Korea, Rep. and comparator economies rank on the ease of doing business




Figure 1.3 How Korea, Rep. ranks on Doing Business topics



Just as the overall ranking on the ease of doing business year Doing Business introduced the distance to frontier
tells only part of the story, so do changes in that ranking. measure. This measure shows how far each economy is
Yearly movements in rankings can provide some indication from the best performance achieved by any economy since
of changes in an economy’s regulatory environment for 2005 on each indicator in 9 Doing Business indicator sets.
firms, but they are always relative. An economy’s ranking
Comparing the measure for an economy at 2 points in
might change because of developments in other
time allows users to assess how much the economy’s
economies. An economy that implemented business
regulatory environment as measured by Doing Business
regulation reforms may fail to rise in the rankings (or may
has changed over time—how far it has moved toward (or
even drop) if it is passed by others whose business
away from) the most efficient practices and strongest
regulation reforms had a more significant impact as
regulations in areas covered by Doing Business (figure 1.4).
measured by Doing Business.
The results may show that the pace of change varies widely
Moreover, year-to-year changes in the overall rankings do across the areas measured. They also may show that an
not reflect how the business regulatory environment in an economy is relatively close to the frontier in some areas
economy has changed over time—or how it has changed and relatively far from it in others.
in different areas. To aid in assessing such changes, last

Figure 1.4 How far has Korea, Rep. come in the areas measured by Doing Business?

Note: The distance to frontier measure shows how far on average an economy is from the best performance achieved by any
economy on each Doing Business indicator since 2005. The measure is normalized to range between 0 and 100, with 100 representing
the best performance (the frontier). The overall distance to frontier is the average of the distance to frontier in the 9 indicator sets
shown in the figure. See the data notes for more details on the distance to frontier measure.


The absolute values of the indicators tell another part business regulation—such as a regulatory process that
of the story (table 1.1). The indicators, on their own or can be completed with a small number of procedures
in comparison with the indicators of a good practice in a few days and at a low cost. Comparison of the
economy or those of comparator economies in the economy’s indicators today with those in the previous
region, may reveal bottlenecks reflected in large year may show where substantial bottlenecks persist—
numbers of procedures, long delays or high costs. Or and where they are diminishing.
they may reveal unexpected strengths in an area of

Table 1.1 Summary of Doing Business indicators for Korea, Rep.

Best performer globally
Korea, Rep. DB2013

Korea, Rep. DB2012

Australia DB2013

Indicator

Japan DB2013
China DB2013
Brazil DB2013

India DB2013

DB2013
Starting a Business (rank) 24 22 2 121 151 173 114 New Zealand (1)

Procedures (number) 5 5 2 13 13 12 8 New Zealand (1)*

Time (days) 7 7 2 119 33 27 23 New Zealand (1)

Cost (% of income per
14.6 14.6 0.7 4.8 2.1 49.8 7.5 Slovenia (0.0)
capita)

Paid-in Min. Capital (% of
0.0 0.0 0.0 0.0 85.7 140.1 0.0 91 Economies (0.0)*
income per capita)

Dealing with Construction Hong Kong SAR, China
26 24 11 131 181 182 72
Permits (rank) (1)

Hong Kong SAR, China
Procedures (number) 11 11 11 17 28 34 14
(6)*

Time (days) 29 29 112 469 270 196 193 Singapore (26)

127.2 132.1 13.4 36.0 375.3 1,528.0 28.5 Qatar (1.1)
capita)


Korea, Rep. DB2013

Korea, Rep. DB2012

Australia DB2013
Indicator

Japan DB2013
China DB2013
Brazil DB2013

India DB2013

DB2013
Getting Electricity (rank) 3 3 36 60 114 105 27 Iceland (1)

Procedures (number) 4 4 5 6 5 7 3 Germany (3)*

Time (days) 28 28 75 57 145 67 105 Germany (17)

33.3 38.6 8.7 116.7 547.0 247.3 0.0 Japan (0.0)
capita)

Registering Property
75 72 37 109 44 94 64 Georgia (1)
(rank)

Procedures (number) 7 7 5 14 4 5 6 Georgia (1)*

Time (days) 11 11 5 34 29 44 14 Portugal (1)

Cost (% of property value) 5.1 5.1 5.1 2.6 3.6 7.3 5.8 Belarus (0.0)*

Getting Credit (rank) 12 9 4 104 70 23 23 United Kingdom (1)*

Strength of legal rights
8 8 10 3 6 8 7 Malaysia (10)*
index (0-10)

Depth of credit
6 6 5 5 4 5 6 United Kingdom (6)*
information index (0-6)

Public registry coverage
0.0 0.0 0.0 46.8 27.7 0.0 0.0 Portugal (90.7)
(% of adults)

Private bureau coverage United Kingdom
100.0 100.0 100.0 62.2 0.0 14.9 100.0
(% of adults) (100.0)*

Protecting Investors
49 79 70 82 100 49 19 New Zealand (1)
(rank)

Extent of disclosure index Hong Kong SAR, China
7 7 8 6 10 7 7
(0-10) (10)*


Korea, Rep. DB2013

Korea, Rep. DB2012

Australia DB2013
Indicator

Japan DB2013
China DB2013
Brazil DB2013

India DB2013

DB2013
Extent of director liability
4 2 2 7 1 4 6 Singapore (9)*
index (0-10)

Ease of shareholder suits
7 7 7 3 4 7 8 New Zealand (10)*
index (0-10)

Strength of investor
6.0 5.3 5.7 5.3 5.0 6.0 7.0 New Zealand (9.7)
protection index (0-10)

United Arab Emirates
Paying Taxes (rank) 30 41 48 156 122 152 127
(1)

Payments (number per Hong Kong SAR, China
10 12 11 9 7 33 14
year) (3)*

United Arab Emirates
Time (hours per year) 207 225 109 2,600 338 243 330
(12)

Trading Across Borders
3 3 44 123 68 127 19 Singapore (1)
(rank)

Documents to export
3 3 6 7 8 9 3 France (2)
(number)

Time to export (days) 7 7 9 13 21 16 10 Singapore (5)*

Cost to export (US$ per
665 680 1,100 2,215 580 1,120 880 Malaysia (435)
container)

Documents to import
3 3 7 8 5 11 5 France (2)
(number)

Time to import (days) 7 7 8 17 24 20 11 Singapore (4)

Cost to import (US$ per
695 695 1,120 2,275 615 1,200 970 Malaysia (420)
container)

Enforcing Contracts (rank) 2 2 15 116 19 184 35 Luxembourg (1)


Korea, Rep. DB2013

Korea, Rep. DB2012

Australia DB2013
Indicator

Japan DB2013
China DB2013
Brazil DB2013

India DB2013

DB2013
Time (days) 230 230 395 731 406 1,420 360 Singapore (150)

Cost (% of claim) 10.3 10.3 21.8 16.5 11.1 39.6 32.2 Bhutan (0.1)

Procedures (number) 33 33 28 44 37 46 30 Ireland (21)*

Resolving Insolvency
14 13 18 143 82 116 1 Japan (1)
(rank)

Time (years) 1.5 1.5 1.0 4.0 1.7 4.3 0.6 Ireland (0.4)

Cost (% of estate) 4 4 8 12 22 9 4 Singapore (1)*

Outcome (0 as piecemeal
sale and 1 as going 1 1 1 0 0 1
concern)

Recovery rate (cents on
81.8 82.3 80.8 15.9 35.7 26.0 92.8 Japan (92.8)
the dollar)

Note: DB2012 rankings shown are not last year’s published rankings but comparable rankings for DB2012 that capture the effects of
such factors as data corrections and the addition of 2 economies (Barbados and Malta) to the sample this year. The ranking
methodology for the paying taxes indicators changed in Doing Business 2013; see the data notes for details. For more information
on “no practice” marks, see the data notes. Data for the outcome of the resolving insolvency indicator are not available for
DB2012.
* Two or more economies share the top ranking on this indicator. A number shown in place of an economy’s name indicates the
number of economies that share the top ranking on the indicator. For a list of these economies, see the Doing Business website
(http://www.doingbusiness.org).


STARTING A BUSINESS
Formal registration of companies has many WHAT THE STARTING A BUSINESS
immediate benefits for the companies and for
business owners and employees. Legal entities can INDICATORS MEASURE
outlive their founders. Resources are pooled as
several shareholders join forces to start a company. Procedures to legally start and operate a
Formally registered companies have access to company (number)
services and institutions from courts to banks as
Preregistration (for example, name
well as to new markets. And their employees can
verification or reservation, notarization)
benefit from protections provided by the law. An
additional benefit comes with limited liability Registration in the economy’s largest
companies. These limit the financial liability of business city
company owners to their investments, so personal
Postregistration (for example, social security
assets of the owners are not put at risk. Where
registration, company seal)
governments make registration easy, more
entrepreneurs start businesses in the formal sector, Time required to complete each procedure
creating more good jobs and generating more (calendar days)
revenue for the government.
Does not include time spent gathering
What do the indicators cover? information

Doing Business measures the ease of starting a Each procedure starts on a separate day
business in an economy by recording all Procedure completed once final document is
procedures officially required or commonly done in received
practice by an entrepreneur to start up and
formally operate an industrial or commercial No prior contact with officials
business—as well as the time and cost required to Cost required to complete each procedure
complete these procedures. It also records the (% of income per capita)
paid-in minimum capital that companies must
deposit before registration (or within 3 months). Official costs only, no bribes
The ranking on the ease of starting a business is No professional fees unless services required
the simple average of the percentile rankings on by law
the 4 component indicators: procedures, time, cost
and paid-in minimum capital requirement. Paid-in minimum capital (% of income
per capita)
To make the data comparable across economies,
Doing Business uses several assumptions about the Deposited in a bank or with a notary before
business and the procedures. It assumes that all registration (or within 3 months)
information is readily available to the entrepreneur  Has a start-up capital of 10 times income per
and that there has been no prior contact with capita.
officials. It also assumes that the entrepreneur will
 Has a turnover of at least 100 times income per
pay no bribes. And it assumes that the business:
capita.
 Is a limited liability company, located in the
 Does not qualify for any special benefits.
largest business city.
 Does not own real estate.
 Has between 10 and 50 employees.
 Is 100% domestically owned.
 Conducts general commercial or industrial
activities.


STARTING A BUSINESS

Where does the economy stand today?
What does it take to start a business in Korea, Rep.? costs 14.6% of income per capita and requires paid-in
According to data collected by Doing Business, starting minimum capital of 0.0% of income per capita (figure
a business there requires 5 procedures, takes 7 days, 2.1).

Figure 2.1 What it takes to start a business in Korea, Rep.
Paid-in minimum capital (% of income per capita): 0.0

Note: Time shown in the figure above may not reflect simultaneity of procedures. For more information on the methodology of
the starting a business indicators, see the Doing Business website (http://www.doingbusiness.org). For details on the
procedures reflected here, see the summary at the end of this chapter.


STARTING A BUSINESS
Globally, Korea, Rep. stands at 24 in the ranking of 185 regional average ranking provide other useful
economies on the ease of starting a business (figure information for assessing how easy it is for an
2.2). The rankings for comparator economies and the entrepreneur in Korea, Rep. to start a business.

Figure 2.2 How Korea, Rep. and comparator economies rank on the ease of starting a business



STARTING A BUSINESS

What are the changes over time?
While the most recent Doing Business data reflect how process have changed—and which have not (table 2.1).
easy (or difficult) it is to start a business in Korea, Rep. That can help identify where the potential for
today, data over time show which aspects of the improvement is greatest.

Table 2.1 The ease of starting a business in Korea, Rep. over time
By Doing Business report year

Indicator DB2004 DB2005 DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 DB2012 DB2013

Rank .. .. .. .. .. .. .. .. 22 24

Procedures
10 10 10 10 10 10 8 8 5 5
(number)

Time (days) 17 17 17 17 17 17 14 14 7 7

Cost (% of
income per 18.4 15.7 15.7 18.2 17.1 16.9 14.7 14.7 14.6 14.6
capita)
Paid-in Min.
Capital (% of
347.7 332.0 308.8 299.7 296.0 268.9 0.0 0.0 0.0 0.0
income per
capita)
Note: n.a. = not applicable (the economy was not included in Doing Business for that year). DB2012 rankings shown are not last
year’s published rankings but comparable rankings for DB2012 that capture the effects of such factors as data corrections and the
addition of 2 economies (Barbados and Malta) to the sample this year.


STARTING A BUSINESS
Equally helpful may be the benchmarks provided by what is possible in making it easier to start a business.
the economies that over time have had the best And changes in regional averages can show where
performance regionally or globally on the procedures, Korea, Rep. is keeping up—and where it is falling
time, cost or paid-in minimum capital required to start behind.
a business (figure 2.3). These benchmarks help show

Figure 2.3 Has starting a business become easier over time?
Procedures (number)

Time (days)


STARTING A BUSINESS
Cost (% of income per capita)

Paid-in minimum capital (% of income per capita)

Note: Ninety-one economies globally have no paid-in minimum capital requirement.


STARTING A BUSINESS
Economies around the world have taken steps making greater firm satisfaction and savings and more
it easier to start a business—streamlining procedures registered businesses, financial resources and job
by setting up a one-stop shop, making procedures opportunities.
simpler or faster by introducing technology and
What business registration reforms has Doing Business
reducing or eliminating minimum capital requirements.
recorded in Korea, Rep. (table 2.2)?
Many have undertaken business registration reforms in
stages—and they often are part of a larger regulatory
reform program. Among the benefits have been

Table 2.2 How has Korea, Rep. made starting a business easier—or not?

DB year Reform

DB2008 No reform as measured by Doing Business.


Korea simplified the business start-up process by removing
the minimum capital requirement, removing the notary role,
DB2010
cutting taxes, putting time limits on VAT registration and
making registration payment on-line.


Korea made starting a business easier by introducing a new
DB2012
online one-stop shop, Start-Biz.


Note: For information on reforms in earlier years (back to DB2005), see the Doing Business reports
for these years, available at http://www.doingbusiness.org.


STARTING A BUSINESS

What are the details?
Underlying the indicators shown in this chapter for
STANDARDIZED COMPANY
Korea, Rep. is a set of specific procedures—the
bureaucratic and legal steps that an entrepreneur
must complete to incorporate and register a new City: Seoul
firm. These are identified by Doing Business
through collaboration with relevant local Legal Form: Jusik Hoesa
professionals and the study of laws, regulations and Paid in Minimum Capital Requirement: None
publicly available information on business entry in
that economy. Following is a detailed summary of Start-up Capital: 10 times GNI per capita
those procedures, along with the associated time
and cost. These procedures are those that apply to
a company matching the standard assumptions
(the ―standardized company‖) used by Doing
Business in collecting the data (see the section in
this chapter on what the indicators measure).
Summary of procedures for starting a business in Korea, Rep.—and the time and cost
Time to
No. Procedure Cost to complete
complete
Using "StartBiz", check the availability of trade name and obtain a
certificate of name availability, open a bank statement from a
bank, file the application package for incorporation and obtain a
corporate registration tax bill, register the company and

Start-Biz (www.startbiz.go.kr), a simplified system that offers an
opportunity to start a business via its website was launched in Feb.
2010. The online incorporation system, ―Start Biz Online‖ simplifies the
incorporation process to help the creation of an easy and fast business
1 start-up environment. Start Biz Online has combined the Internet 3 days KRW 2,000
Register Office, the Local Tax Payment System, the Electronic
Notarization System, the National Tax Information System, the Financial
Common Network, and the Social Insurance Information System which
are independently run, for the purpose of incorporation. Start Biz
Online allows its users to process the entire incorporation process
online. During the application procedures, applicants just need to follow
the instructions of Start-Biz Online. They will be re-directed to relevant
systems which are combined with Single-Sign-On (SSO) system in the
frame of Start-Biz.
* Make company seal

2 1 day KRW 30,000
The promoters may use their personal seal and thus there is no need to
make a new one
* Pay the corporate registration tax bill. 1 day (simulteneous
3 with previous no charge
Applicants need to follow the instructions of Start-Biz Online and they
procedure)
will be re-directed to the relevant system which is combined with


Time to
complete
Single-Sign-On (SSO) system in the frame of Start-Biz. Therefore, the
applicant will pay the fees for the registration tax bill on the website of
the Ministry of Government Administration and Home Affairs at
www.wetax.go.kr.
* Pay the fees for the certificate of seal impression of 1.2% capital
incorporation. registration tax +
education tax ( 20%
Applicants need to follow the instructions of Start-Biz Online and they 1 day (simulteneous
of the registration
4 will be re-directed to the relevant system which is combined with with previous
tax)+ KRW 10,000 (e-
Single-Sign-On (SSO) system in the frame of Start-Biz. Therefore, the procedure)
registration form) of
applicant, to obtain the certificate of seal of incorporation, will be re-
Supreme Court
directed from Start Biz to the Supreme Court Registry website to pay
the fee. stamps

* Pay the fees for the Public Health Insurance Program, the
National Pension Fund, Employment Insurance, and Industrial
Accident Compensation Insurance
1 day (simulteneous
Applicants need to follow the instructions of Start-Biz Online and they with previous no charge
5
will be re-directed to the relevant system which is combined with
procedure)
Single-Sign-On (SSO) system in the frame of Start-Biz. Therefore, the
applicant, to pay the fees for the Public Health Insurance Program, the
National Pension Fund, Employment Insurance, and Industrial Accident
Cmompensation Insurance, will be re-directed to the website.
* Takes place simultaneously with another procedure.


DEALING WITH CONSTRUCTION PERMITS

Regulation of construction is critical to protect the WHAT THE DEALING WITH CONSTRUCTION
public. But it needs to be efficient, to avoid
PERMITS INDICATORS MEASURE
excessive constraints on a sector that plays an
important part in every economy. Where complying
with building regulations is excessively costly in Procedures to legally build a warehouse
time and money, many builders opt out. They may (number)
pay bribes to pass inspections or simply build Submitting all relevant documents and
illegally, leading to hazardous construction that obtaining all necessary clearances, licenses,
puts public safety at risk. Where compliance is permits and certificates
simple, straightforward and inexpensive, everyone Completing all required notifications and
is better off. receiving all necessary inspections
What do the indicators cover? Obtaining utility connections for water,
Doing Business records the procedures, time and sewerage and a fixed telephone line
cost for a business to obtain all the necessary Registering the warehouse after its
approvals to build a simple commercial warehouse completion (if required for use as collateral or
in the economy’s largest business city, connect it to for transfer of the warehouse)
basic utilities and register the property so that it Time required to complete each procedure
can be used as collateral or transferred to another (calendar days)
entity.
The ranking on the ease of dealing with information
construction permits is the simple average of the
Each procedure starts on a separate day
percentile rankings on its component indicators:
procedures, time and cost. Procedure completed once final document is
received
Doing Business uses several assumptions about the No prior contact with officials
business and the warehouse, including the utility Cost required to complete each procedure (%
connections. of income per capita)
The business: Official costs only, no bribes
 Is a limited liability company operating in
 Will be connected to water, sewerage
the construction business and located in
(sewage system, septic tank or their
the largest business city.
equivalent) and a fixed telephone line. The
 Is domestically owned and operated. connection to each utility network will be 10
meters (32 feet, 10 inches) long.
 Has 60 builders and other employees.
 Will be used for general storage, such as of
The warehouse:
books or stationery (not for goods requiring
 Is a new construction (there was no special conditions).
previous construction on the land).
 Will take 30 weeks to construct (excluding all
 Has complete architectural and technical delays due to administrative and regulatory
plans prepared by a licensed architect. requirements).



What does it take to comply with the formalities to permits there requires 11 procedures, takes 29 days
build a warehouse in Korea, Rep.? According to data and costs 127.2% of income per capita (figure 3.1).
collected by Doing Business, dealing with construction

Figure 3.1 What it takes to comply with formalities to build a warehouse in Korea, Rep.

the dealing with construction permits indicators, see the Doing Business website (http://www.doingbusiness.org). For details on
the procedures reflected here, see the summary at the end of this chapter.


Globally, Korea, Rep. stands at 26 in the ranking of 185 other useful information for assessing how easy it is for
economies on the ease of dealing with construction an entrepreneur in Korea, Rep. to legally build a
permits (figure 3.2). The rankings for comparator warehouse.
economies and the regional average ranking provide

Figure 3.2 How Korea, Rep. and comparator economies rank on the ease of dealing with construction permits





While the most recent Doing Business data reflect how aspects of the process have changed—and which have
easy (or difficult) it is to deal with construction permits not (table 3.1). That can help identify where the
in Korea, Rep. today, data over time show which potential for improvement is greatest.

Table 3.1 The ease of dealing with construction permits in Korea, Rep. over time

Indicator DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 DB2012 DB2013

Rank .. .. .. .. .. .. 24 26

Procedures (number) 11 11 11 11 11 11 11 11

Time (days) 54 29 29 29 29 29 29 29

Cost (% of income
107.9 113.4 112.1 101.8 89.3 85.7 132.1 127.2
per capita)
year’s published rankings but comparable rankings for DB2012 that capture the effects of such factors as data corrections and
the addition of 2 economies (Barbados and Malta) to the sample this year. For more information on ―no practice‖ marks, see the
data notes.


Equally helpful may be the benchmarks provided by possible in making it easier to deal with construction
the economies that over time have had the best permits. And changes in regional averages can show
performance regionally or globally on the procedures, where Korea, Rep. is keeping up—and where it is
time or cost required to deal with construction permits falling behind.
(figure 3.3). These benchmarks help show what is

Figure 3.3 Has dealing with construction permits become easier over time?
Procedures (number)

Time (days)


Cost (% of income per capita)



Smart regulation ensures that standards are met while building safety while keeping compliance costs
making compliance easy and accessible to all. reasonable, governments around the world have
Coherent and transparent rules, efficient processes and worked on consolidating permitting requirements.
adequate allocation of resources are especially What construction permitting reforms has Doing
important in sectors where safety is at stake. Business recorded in Korea, Rep. (table 3.2)?
Construction is one of them. In an effort to ensure

Table 3.2 How has Korea, Rep. made dealing with construction permits easier—or not?

DB year Reform







Note: For information on reforms in earlier years (back to DB2006), see the Doing Business reports
for these years, available at http://www.doingbusiness.org.



The indicators reported here for Korea, Rep. are
BUILDING A WAREHOUSE
based on a set of specific procedures—the steps
that a company must complete to legally build a
warehouse—identified by Doing Business through City : Seoul
information collected from experts in construction
licensing, including architects, construction
Estimated
lawyers, construction firms, utility service providers KRW 702,324,000
Warehouse Value :
and public officials who deal with building
regulations. These procedures are those that apply The procedures, along with the associated time and
to a company and structure matching the standard cost, are summarized below.
assumptions used by Doing Business in collecting
the data (see the section in this chapter on what
the indicators cover).
Summary of procedures for dealing with construction permits in Korea, Rep. —and the time and cost
Time to
complete
Request and obtain proof of ownership of land

BuildCo should obtain proof of ownership from the Property Register
to show that BuildCo has the right to construct a warehouse on the
land. The issuance date stated in the land registry should be within 3
months prior to the date of submitting the application for a building 1 day KRW 800
1
permit. Once the application for a building permit and the relevant
documents are filed with the licensing authority, this authority will
forward the design drawing to the relevant regulatory agencies; the fire
department and the sewage department. It is possible to obtain proof
of ownership (court registry) immediately after applying over the
internet, and the cost has been reduced to KRW 800.00 per registry.
Purchase and sale of National Housing Bonds (NHB)

To qualify for a building permit, BuildCo must purchase National
Housing Bonds (NHBs) at any commercial bank. The NHB is calculated
at a rate ranging from KRW 600.00 to KRW 1,300.00 per sq. m.,
depending upon the structure of the warehouse. If the warehouse is
constructed in steel frame, the rate of KRW 1,300.00 per sq. m. is
applied.
2 1 day KRW 169,078
The company can either receive the money paid for the NHBs upon
maturity or sell them at a discount (the discount is 10%). Upon
purchase, the bank issues a receipt, which must then be presented to
the Building Authorities. The cost is calculated as follows: KRW 1,300.00
x 1300.6 sq. m. = KRW 1,690,780.00. However, many sell the NHBs
immediately at a discount of 10%, which brings the actual cost incurred
by the company to KRW 169,078.00.

Request and obtain building permit 9 days KRW 99,000
3


Time to
complete
BuildCo must submit an application for a building permit to the County
(Ku) Office of Construction. The application must include:

• The size of construction lot;
• Documentation showing BuildCo's ownership or the right to use the
construction lot; and
• Basic design drawings, which must specify the approximate location
of the water pipes, sewage, septic tank, electrical facilities, and
telephone lines.

Once the application for the building permit with the relevant
documents is filed with the licensing authority, this authority forwards
the design drawings to the relevant regulatory agencies (such as the
sewerage department and the fire department). Thus, it is not necessary
for the company to obtain separate project clearances from these
departments.

Under the Article 10 of the new Building Code, anyone who intends to
construct a building may opt for a fast-track procedure and apply for
an "advance decision regarding building permit" before applying for a
building permit. If an advance decision is obtained for the construction,
the builder must separately apply for and obtain a building permit for
the construction. However, when the advance decision is obtained, the
relevant approval for the development or re-characterization of land
(such approval is needed in certain zoning areas under several relevant
laws) is deemed to be obtained. This effect of the advance decision is
valid for 2 years from the date of issuance, before the builder applies
for building permit itself. In addition, it is possible to submit
simultaneous applications for an advance decision and for the traffic
and environment impact assessment procedures, and the like, if those
procedures are necessary. Accordingly, if the builder obtains an
advance decision before applying for the building permit, the time
before the construction may be reduced more or less. However, this has
not worked well in practice and many companies follow the traditional
way.

According to the Standard for Civil Petitions Treatment published by
the Korean Government on December 30, 2005, the duration for
obtaining a building permit for a two-story, 1,300-square-meter
building is estimated to be 3 -- 14 days, subject to certain
circumstances, including whether the work is performed by an agent (a
certified architect). The duration can take a few days longer, as the case
may be.

Before construction work begins, the company informs the authority
thereof. BuildCo must present a notification application, including:

• A copy of all relevant contract(s) between the relevant parties (owner,
construction company, architect, building inspector, etc.)
• The design drawings, which must specify the location of the water
pipes, sewage, septic tank, electrical facilities, and telephone lines.


Time to
complete
Hire a certified inspector

A certified inspector conducts inspections throughout the period of
construction. If the company does not hire a certified inspector during
construction, there is a penalty of up to 2 years’ imprisonment or a fine
of up to KRW 10 million. The inspector is independent of the company.
The frequency of inspections varies depending on the size and cost of
construction. Generally, an inspection takes place if the inspector and
the company deem it necessary. However, in some instances, the
4 contract between the company and the inspector contains a clause 1 day KRW 9,059,980
specifying the frequency of inspection. There must be at least two
inspections throughout the construction, during which the construction
work does not stop.

The cost of KRW 9,059,980.00 is calculated by multiplying the value of
the project, KRW 702,324,000.00, with the relevant rate of 1.29%, in
accordance with the Regulation for Scope of Architect Services and Fee
Standard.

* Request telephone; water and sewage and occupancy permit
inspections certificate

The Information Telecommunication Construction Business Act requires
that an inspection certificate be obtained from the relevant authority 1 day KRW 40,000
5
for information or technology facilities before the facilities are used.
According to the act’s enforcement provision, the time to complete the
inspection should be 14 days, and the cost is KRW 40,000.00. There is
no penalty for the authorities if the time line is missed, but they
generally meet the deadline.
* Request and obtain fire inspection certificate

When the company applies for an occupancy permit, the approval 1 day no charge
6
authority will ask the Fire Department to inspect the building. The Fire
Department will issue an inspection certificate after inspection of the
premises. The average waiting time is a week.
Receive inspection and Obtain occupancy permit certificate

7 The company must apply for an occupancy permit within 7 days of the 7 days no charge
completion of construction. The occupancy permit is issued after the
inspections mentioned in the next procedures.
* Receive on-site inspection from local government

Acquisition tax must be paid within 30 days of receiving the occupancy
permit. The acquisition tax is 2% of the value of the project (in this case, 1 day no charge
8
KRW 702,324,000.00), amounting KRW 14,046,480.00. The farming and
fishing village special tax of 10% of the acquisition tax (in this case,
KRW 1,404,648.00) should also be imposed. The total tax is KRW
15,451,128.00.
Register the building with the court registry
9 4 days KRW 19,679,072
BuildCo must register the warehouse within 60 days from the
inspection completion date. The acquisition tax is 2.8% of the value of


Time to
complete
the property without surcharge (3.16% with surcharge) + stamp tax of
KRW 14,000.00 per land parcel.
* Obtain connection to water and sewage services
10 7 days KRW 2,600,000

* Obtain connection to telephone services
11 1 day KRW 60,000



GETTING ELECTRICITY
Access to reliable and affordable electricity is vital WHAT THE GETTING ELECTRICITY
for businesses. To counter weak electricity supply,
many firms in developing economies have to rely INDICATORS MEASURE
on self-supply, often at a prohibitively high cost.
Whether electricity is reliably available or not, the Procedures to obtain an electricity
first step for a customer is always to gain access by connection (number)
obtaining a connection.
Submitting all relevant documents and
What do the indicators cover? obtaining all necessary clearances and permits
Doing Business records all procedures required for Completing all required notifications and
a local business to obtain a permanent electricity receiving all necessary inspections
connection and supply for a standardized
warehouse, as well as the time and cost to Obtaining external installation works and
complete them. These procedures include possibly purchasing material for these works
applications and contracts with electricity utilities, Concluding any necessary supply contract and
clearances from other agencies and the external obtaining final supply
and final connection works. The ranking on the
ease of getting electricity is the simple average of Time required to complete each procedure
the percentile rankings on its component (calendar days)
indicators: procedures, time and cost. To make the Is at least 1 calendar day
data comparable across economies, several
assumptions are used. Each procedure starts on a separate day

The warehouse: Does not include time spent gathering
information
 Is located in the economy’s largest
business city, in an area where other Reflects the time spent in practice, with little
warehouses are located. follow-up and no prior contact with officials

 Is not in a special economic zone where Cost required to complete each procedure
the connection would be eligible for (% of income per capita)
subsidization or faster service. Official costs only, no bribes
 Has road access. The connection works Excludes value added tax
involve the crossing of a road or roads but
are carried out on public land.
 Is 150 meters long.
 Is a new construction being connected to
 Is to either the low-voltage or the medium-
electricity for the first time.
voltage distribution network and either overhead
 Has 2 stories, both above ground, with a or underground, whichever is more common in
total surface of about 1,300.6 square the economy and in the area where the
meters (14,000 square feet), and is built on warehouse is located. The length of any
a plot of 929 square meters (10,000 square connection in the customer’s private domain is
feet). negligible.
The electricity connection:  Involves installing one electricity meter. The
monthly electricity consumption will be 0.07
 Is a 3-phase, 4-wire Y, 140-kilovolt-ampere
gigawatt-hour (GWh). The internal electrical
(kVA) (subscribed capacity) connection.
wiring has been completed.


GETTING ELECTRICITY

What does it take to obtain a new electricity procedures, takes 28 days and costs 33.3% of income
connection in Korea, Rep.? According to data collected per capita (figure 4.1).
by Doing Business, getting electricity there requires 4

Figure 4.1 What it takes to obtain an electricity connection in Korea, Rep.

the getting electricity indicators, see the Doing Business website (http://www.doingbusiness.org). For details on the procedures
reflected here, see the summary at the end of this chapter.


GETTING ELECTRICITY
Globally, Korea, Rep. stands at 3 in the ranking of 185 regional average ranking provide another perspective
economies on the ease of getting electricity (figure in assessing how easy it is for an entrepreneur in
4.2). The rankings for comparator economies and the Korea, Rep. to connect a warehouse to electricity.

Figure 4.2 How Korea, Rep. and comparator economies rank on the ease of getting electricity



GETTING ELECTRICITY
Even more helpful than rankings on the ease of getting performers on these indicators may provide useful
electricity may be the indicators underlying those benchmarks.
rankings (table 4.1). And regional and global best

Table 4.1 The ease of getting electricity in Korea, Rep.

Best performer in
Best performer
Indicator Korea, Rep. DB2013 Korea, Rep. DB2012 OECD high income
globally DB2013
DB2013

Rank 3 3 Iceland (1) Iceland (1)

Procedures
(number) 4 4 Germany (3) Germany (3)*

Time (days) 28 28 Germany (17) Germany (17)

Cost (% of income
per capita) 33.3 38.6 Japan (0.0) Japan (0.0)

Note: DB2012 rankings shown are not last year’s published rankings but comparable rankings for DB2012 that capture the
effects of such factors as data corrections and the addition of 2 economies (Barbados and Malta) to the sample this year.
* Two or more economies share the top ranking on this indicator. For a list of these economies, see the Doing Business website
(http://www.doingbusiness.org).


GETTING ELECTRICITY
Obtaining an electricity connection is essential to safety in the connection process while keeping
enable a business to conduct its most basic operations. connection costs reasonable, governments around the
In many economies the connection process is world have worked to consolidate requirements for
complicated by the multiple laws and regulations obtaining an electricity connection. What reforms in
involved—covering service quality, general safety, getting electricity has Doing Business recorded in
technical standards, procurement practices and Korea, Rep. (table 4.2)?
internal wiring installations. In an effort to ensure

Table 4.2 How has Korea, Rep. made getting electricity easier—or not?

DB year Reform


Korea made getting electricity less costly by introducing a new
DB2013
connection fee schedule and an installment payment system.


GETTING ELECTRICITY

The indicators reported here for Korea, Rep. are based
OBTAINING AN ELECTRICITY CONNECTION
on a set of specific procedures—the steps that an
entrepreneur must complete to get a warehouse
connected to electricity by the local distribution City: Seoul
utility—identified by Doing Business. Data are collected
from the distribution utility, then completed and
Name of Utility: Korea Electric Power Corp
verified by electricity regulatory agencies and
independent professionals such as electrical engineers, The procedures are those that apply to a warehouse
electrical contractors and construction companies. The and electricity connection matching the standard
electricity distribution utility surveyed is the one assumptions used by Doing Business in collecting the
serving the area (or areas) in which warehouses are data (see the section in this chapter on what the
located. If there is a choice of distribution utilities, the indicators cover). The procedures, along with the
one serving the largest number of customers is associated time and cost, are summarized below.
selected.
Summary of procedures for getting electricity in Korea, Rep.—and the time and cost
Time to
complete
Request and receive internal wiring inspection by Korea Electrical
Safety Corporation (KESCO)

The customer has to hire a licensed electrician or an electrical contractor
to design and install the internal facilities. The customer should submit 11 calendar days KRW 142,500.0
1
the application with the license number and the certification stamp of
the hired electrician attached for the internal inspection to KESCO(Korea
Electrical Safety Corporation) . According to The Electricity Enterprises
Act #62, #63 and The Enforcement Regulations of Electricity Enterprises
Act #31,facilities over 75kVA shall be inspected by KESCO).
Customer submits application to KEPCO and signs contract

2 As soon as KEPCO receives the electricity application, KEPCO charges the 1 calendar day KRW 2,641,200.0
customer for a standard connection fee, and the customer signs a
contract with KEPCO.
KEPCO conducts external connection works

On signing the contract with the customer, KEPCO begins designing the
external wiring works, securing materials, and making a contract with the
3 electricity contractors. These activities are not related to the customer, 14 calendar days KRW 5,510,052.3
but KEPCO's internal procedures.
Generally, warehouses are connected with overhead distribution lines in
Seoul, Republic of Korea. (90% of network is overhead)

KEPCO installs meter and electricity starts flowing

4 2 calendar days no charge
After the internal inspection is finished by KESCO, the customer requests
that KEPCO turn on the electricity. After the internal inspection is finished


Time to
complete
by KESCO, the customer requests that KEPCO turn on the electricity. The
results of the internal inspection by KESCO are forwarded via a dedicated
online system between the two agencies to KEPCO. KEPCO hires an
electrical contractor to the install meter, while the department which
administers the meter installation differs from that which designs the
external connection.


REGISTERING PROPERTY

Ensuring formal property rights is fundamental. WHAT THE REGISTERING PROPERTY
Effective administration of land is part of that. If
INDICATORS MEASURE
formal property transfer is too costly or
complicated, formal titles might go informal
again. And where property is informal or poorly Procedures to legally transfer title on
administered, it has little chance of being immovable property (number)
accepted as collateral for loans—limiting access to Preregistration (for example, checking for liens,
finance. notarizing sales agreement, paying property
transfer taxes)
What do the indicators cover?
Registration in the economy’s largest business
Doing Business records the full sequence of city
procedures necessary for a business to purchase
property from another business and transfer the Postregistration (for example, filing title with
the municipality)
property title to the buyer’s name. The transaction
is considered complete when it is opposable to Time required to complete each procedure
third parties and when the buyer can use the (calendar days)
property, use it as collateral for a bank loan or
resell it. The ranking on the ease of registering information
property is the simple average of the percentile
rankings on its component indicators: procedures, Each procedure starts on a separate day
time and cost. Procedure completed once final document is
received
several assumptions about the parties to the No prior contact with officials
transaction, the property and the procedures are
Cost required to complete each procedure
used.
(% of property value)
The parties (buyer and seller):
Official costs only, no bribes
 Are limited liability companies, 100% No value added or capital gains taxes included
domestically and privately owned.
 Are located in the periurban area of the
economy’s largest business city.  Has no mortgages attached and has been
under the same ownership for the past 10
 Have 50 employees each, all of whom are
years.
nationals.
 Consists of 557.4 square meters (6,000 square
 Perform general commercial activities.
feet) of land and a 10-year-old, 2-story
The property (fully owned by the seller): warehouse of 929 square meters (10,000
 Has a value of 50 times income per capita. square feet). The warehouse is in good
The sale price equals the value. condition and complies with all safety
standards, building codes and legal
 Is registered in the land registry or requirements. The property will be transferred
cadastre, or both, and is free of title in its entirety.
disputes.
 Is located in a periurban commercial zone,
and no rezoning is required.



What does it take to complete a property transfer in procedures, takes 11 days and costs 5.1% of the
Korea, Rep.? According to data collected by Doing property value (figure 5.1).
Business, registering property there requires 7

Figure 5.1 What it takes to register property in Korea, Rep.

the registering property indicators, see the Doing Business website (http://www.doingbusiness.org). For details on the
procedures reflected here, see the summary at the end of this chapter.


Globally, Korea, Rep. stands at 75 in the ranking of 185 regional average ranking provide other useful
economies on the ease of registering property (figure information for assessing how easy it is for an
5.2). The rankings for comparator economies and the entrepreneur in Korea, Rep. to transfer property.

Figure 5.2 How Korea, Rep. and comparator economies rank on the ease of registering property




While the most recent Doing Business data reflect how process have changed—and which have not (table 5.1).
easy (or difficult) it is to register property in Korea, That can help identify where the potential for
Rep. today, data over time show which aspects of the improvement is greatest.

Table 5.1 The ease of registering property in Korea, Rep. over time

Indicator DB2005 DB2006 DB2007 DB2008 DB2009 DB2010 DB2011 DB2012 DB2013

Rank .. .. .. .. .. .. .. 72 75

Procedures
(number) 7 7 7 7 7 7 7 7 7

Time (days) 11 11 11 11 11 11 11 11 11

Cost (% of property
value) 6.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1 5.1

year’s published rankings but comparable rankings for DB2012 that capture the effects of such factors as data corrections and
the addition of 2 economies (Barbados and Malta) to the sample this year. For more information on ―no practice‖ marks, see
the data notes.


Equally helpful may be the benchmarks provided by (figure 5.3). These benchmarks help show what is
the economies that over time have had the best possible in making it easier to register property. And
performance regionally or globally on the procedures, changes in regional averages can show where Korea,
time or cost required to complete a property transfer Rep. is keeping up—and where it is falling behind.

Figure 5.3 Has registering property become easier over time?
Procedures (number)

Time (days)


Cost (% of property value)



Economies worldwide have been making it easier for have cut the time required substantially—enabling
entrepreneurs to register and transfer property—such buyers to use or mortgage their property earlier. What
as by computerizing land registries, introducing time property registration reforms has Doing Business
limits for procedures and setting low fixed fees. Many recorded in Korea, Rep. (table 5.2)?

Table 5.2 How has Korea, Rep. made registering property easier—or not?

DB year Reform







Note: For information on reforms in earlier years (back to DB2005), see the Doing Business
reports for these years, available at http://www.doingbusiness.org.



The indicators reported here are based on a set of
STANDARD PROPERTY TRANSFER
specific procedures—the steps that a buyer and
seller must complete to transfer the property to the
buyer’s name—identified by Doing Business City: Seoul
through information collected from local property Property Value: KRW 1,245,898,900
lawyers, notaries and property registries. These
procedures are those that apply to a transaction The procedures, along with the associated time and
matching the standard assumptions used by Doing cost, are summarized below.
Business in collecting the data (see the section in
this chapter on what the indicators cover).

Summary of procedures for registering property in Korea, Rep.—and the time and cost
Time to
complete
Obtain their commercial registry extracts from the commercial
registry

The buyer obtains a certificate of its registered corporate seal issued by
the commercial registry office (KW 1200). The buyer obtains its
commercial registry from the commercial registry office. Both buyer and KW 800 each x 2
1 seller obtain a commercial registry extract from the commercial registry 1 day
(online)
office. There is more than one way (in person, via website -KW 800,
through an unattended machine -KW 1000) to obtain the certificates.
Most people obtain the extract through an unattended machine placed
in a governmental district office or from the website of the Supreme
Court.

Obtain a copy of the Land Cadastre Certificate and the Building
Management Certificate and the registry extract of the concerned
land and building

The seller obtains from the jurisdictional district office an official copy of
the extract from the land registry, or the Land Cadastre Certificate and an
official copy of the extract from the building registry or the Building
Management Certificate. The actual sale price is currently used as the
standard real property price. Both buyer and seller should obtain the
2 jurisdictional district office’s stamp of the original copy of the contract 1 day no cost
executed by both parties. Prices for certificates can be found on the
website.

The land and building registry extracts are obtained at the Land and
Building registry office and the land cadastre certificate and building
management certificate are obtained at governmental offices of various
levels (Governmental office at city (Si), district (Gun), or borough (Gu)
level). Also, the extracts can be obtained online at www.iros.go.kr and the
certificates at www.egov.go.kr.

Doing business in korea(wb) 2013

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